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Model Note · SAI SILKS (KALAMANDIR) L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SAI SILKS (KALAMANDIR) L Discounted cash flow · base FY26
SAI SILKS (KALAMANDIR) L
Value per share, this model₹109
CMP 2026-09-10₹82.50
Difference31.7%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of SAI SILKS (KALAMANDIR) L, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
13% a year
FY26 13.1% · 5-yr CAGR —%
EBITDA margin
15.8%
FY26 15.8% · 5-yr average 15.2%
Depreciation · capex, % of revenue
3.6% · 3.1%, fading to 1.2× depreciation
FY26 3.6% · 3.1%
Working capital, % of added revenue · tax
39.6% · 25.7%
145 working-capital days · effective 25.7%
Discount rate
11.00%
1-yr beta 1.05
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY26 net debt ₹1 cr
Shares
14.74 crore
14.74 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
1,654
1,869
2,112
2,386
2,696
3,047
growth %
13.1
13.0
13.0
13.0
13.0
13.0
EBITDA
261
295
334
377
426
481
Depreciation
(59)
(67)
(76)
(86)
(97)
(110)
NOPAT
150
169
191
216
244
276
less capex
(51)
(58)
(72)
(89)
(108)
(132)
less working-capital build
—
(85)
(96)
(109)
(123)
(139)
Free cash flow to firm
—
94
99
105
110
115
Present value
89
85
81
77
72
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · SAI SILKS (KALAMANDIR) L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
403
PV of the terminal value (75% of EV)
1,199
Enterprise value
1,602
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,601
÷ 14.74 crore shares
₹109
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
112
120
130
142
157
10.5%
104
110
118
128
140
11.0%
96
102
109
116
126
11.5%
90
95
100
107
115
12.0%
85
89
93
99
105
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
